Chinese investors buying up Miami properties

Looking to diversify their investments, Chinese investors are increasingly descending on the South Florida real estate market.

They have grown more open-minded about Miami, flocking to it as a hub for international banking tax and intrigued by the absence of a state income tax. Among international investors, the percentage of Chinese buyers in Florida has grown to 3.7 percent this year from 0.05 percent five years ago, according to data from the National Association of Realtors. Asian buyers comprised 6.9 percent of the deals.

L.J. Rodriguez, midtown Miami sales director for Fortune International Realty, told Miami Today he has seen his buyer go from entirely Latin American to largely Chinese over the past three months. Midtown prices range from $300 per square foot to $356 per square foot for a one-bedroom. [Miami Today] — Mark Maurer